Star Holdings (STHO) Q1 2025 earnings summary

Executive summary

• Star Holdings reported a net loss of $7.6 million for Q1 2025, with a loss per share of $0.57, including a $0.24 per share non-cash gain from SAFE mark-to-market adjustment.

• The company focuses on monetizing legacy non-ground lease assets through asset management and sales, with no plans for material new investments.

• Portfolio consists mainly of Asbury Park Waterfront, Magnolia Green residential projects, and a significant equity stake in Safehold Inc.

• As of March 31, 2025, total assets were $618.2 million, including $253.1 million in Safehold shares and $189.5 million in land and development assets.

Financial highlights

• Net loss allocable to common shareholders was $7.6 million for Q1 2025, compared to $49.0 million in Q1 2024.

• Total revenues were $14.6 million, down from $25.4 million year-over-year, mainly due to lower land development revenue.

• Recorded $5.2 million in land revenues from the sale of 45 lots at Magnolia Green during Q1 2025.

• Unrealized gain on Safehold equity investment was $3.2 million, reversing a $37.9 million loss in the prior year.

• Cash and cash equivalents at quarter-end were $30.3 million, with $12.7 million in restricted cash.

Outlook and guidance

• Land development revenue is expected to decline as remaining assets are sold; timing and amounts of future sales are uncertain.

• Liquidity will depend on asset sales, with no expectation of regular dividends; distributions may occur if excess cash is available after debt repayment.

• The company anticipates meeting liquidity needs through operations, asset sales, and available debt facilities.